Ultra Electronics Holdings PLC (LON:ULE) shares were up after the company said there are “good long-term opportunities and growth potential” as the engineering firm continues to trade in line with expectations.
In a brief update, the FTSE 250-listed company told investors there has been “good” order book development since its interim results, where it reported higher profits and revenues thanks to strong spending in the US defence sector and increased demand for Ultra’s existing programmes.
In the six months to June 30, the group's underlying pre-tax profits were 6.7% higher year-on-year at £46.5mln while revenues jumped 10.4% to £387.1mln.
“Our major markets are growing and our strong technology base is positioning us well on existing and potential future programmes,” the company said in today's statement.
Shares were up 2% to 2,012 in the early morning.